Frequently Asked Questions
What is a first time buyer?
A first time buyer is typically someone who has never owned a property before, either in the UK or abroad. Some lenders may also treat you as a first time buyer if you haven’t owned a property for a long time, depending on your circumstances.
How much deposit do I need as a first time buyer?
Most first time buyers need a deposit of at least 5% of the property price, although a larger deposit can give access to preferential mortgage rates. The amount you’ll need depends on the lender, the property, and your overall financial situation.
How much can I borrow as a first time buyer?
The amount you can borrow is based on your income, outgoings, credit history, and the lender’s affordability criteria. Many lenders will offer up to 4-4.5 times your income, but this can vary depending on your circumstances.
What costs should I budget for when buying my first home?
In addition to your deposit, you should budget for costs such as:Solicitor or conveyancing fees
Survey and valuation costs
Stamp Duty (if applicable)
Moving costsA mortgage adviser can help you understand the full costs involved before you commit.
Can I get a first time buyer mortgage if I’m self employed?
Yes. First time buyers who are self employed can still access mortgages, although lenders may require additional income evidence. The options available depend on how your income is structured and how long you’ve been self-employed.
What government schemes are available for first time buyers?
There are a number of schemes designed to support first time buyers, such as Shared Ownership and First Homes. Availability and eligibility criteria can change, so it’s important to get up-to-date advice on which schemes may be suitable for you.
Should I get a mortgage agreement in principle?
Yes. A mortgage agreement in principle gives you an indication of how much you may be able to borrow and shows estate agents that you’re a serious buyer. It does not commit you to a mortgage but can help strengthen your position when making an offer.
How long does the first time buyer mortgage process take?
From application to completion, the mortgage process typically takes 6-10 weeks, although this can vary depending on the lender, the property, and the conveyancing process. Getting advice early can help avoid unnecessary delays.
Do I need a mortgage broker as a first time buyer?
While it’s possible to approach lenders directly, a mortgage broker can help you understand your options, explain the process clearly, and compare a wide range of lenders. This can be especially helpful if you’re buying your first home and want guidance at every step.
Ready to take the next step?
If you’ve read our First time buyer FAQ and you’re ready to take the next steps as a first time buyer and would like tailored mortgage advice, we’d be delighted to help guide you through the process from start to finish.
Contact Your Mortgage Expert
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Or visit our Book a Mortgage Appointment page to arrange a call at a time that suits you.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.